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Alfa-Bank’s assets plunge 15%

Alfa-Bank Group’s performance was a bit worse in the first half of 2009 than before. The group’s total assets, for instance, plunged by 15% (from $27.1bn down to $23bn).

The group’s financial report, drawn up in accordance with the IAS, was published a few days ago.

According to this report, the decrease in the asset value had to do with the ongoing economic recession that has been affecting the bank’s lending portfolio and the borrowers’ paying capacity.

The group’s total lending portfolio had shrunk by 20.2% down to $15.3bn by June 30, 2009 against December 31, 2008.
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